What are the tips for balikbayans in returning
home to the Philippines?
- Save Money
- Think of Starting Up a Business
- Investment and Insurances
- Buy Real Estate Property
For Filipinos dreaming of working abroad, finding an overseas job in the Philippines is ony the beginning of a great adventure. Working in a foreign land is a great way to boost one's skills, learn a new culture, and more importantly earn better wages than working locally. After years of working abroad though, there will come a time when they would want to be reunited with their loved ones to enoy the fruits of their labor.
Having said this, it is best for overseas Filipino workers to plan their return to their homeland, and here are the best ways to go about it.
1. Save MoneyThe first thing OFWs should do in preparation for their comeback is to save money. Be knowledgeable about how much you have and list the assets you've gained over the years of working abroad. It's important to develop financial goals for yourself. And at the same time, be realistic by being considerate of your salary, cost of living in the country you've been working for, and the like.
2. Think of Starting Up a BusinessIf getting a job in the Philippines isn't part of your plans in your return, then starting a business is one way of still earning money even after you retire. This would help in sustaining everyday expenses without relying on your savings.
There are many businesses to choose from. It can be as popular as setting up a sari-sari store, small eatery, or direct selling of products to investing in a popular franchise.
3. Plans in TravelingIt is indeed true that one of the things that OFWs miss about their homeland is its accessibility to provinces that offer beautiful sceneries and cultural sights. As they return home, many Filipinos wish to fulfill their desire of traveling to places they haven't been to in a while.
Ask your family and friends for their recommendations in accomodations, transportation, and other travel packages. Make sure to have a list of the itinerary as well as things you're planing to buy so that you don't go over budget.
4. Investment and InsurancesLike many OFWs, no one wants to be away from home for very long. At some point in your life, you will have to think about plans for retirement. Many Filipinos opt to invest in life insurances for their family members while some include mutual funds, bonds, and stocks out of their hard-earned savings. Most Filipinos working overseas save in the form of short-dated financial instruments like savings and checking accounts and only a few have insurance and investment funds.
5. Buy Real Estate PropertyOne of the best investments you can make to use your money is buying real estate property. It can be an apartment, townhouse, condo unit - the options are endless. The location of the property of choice can be anywhere in Metro Manila or in nearby provinces where you and your family members can live safely and peacefully.
In addition, you can also earn extra money from it if you opt to let other people rent it out. Look for certified real estate agents who will help you give out the best deals and information on the property's value and location.